Letter of Intent to serve as basis for definitive agreements for an initial purchase order of 1,500 MX-05s and up to and additional 8,500 by 2025.
BREA, CA / ACCESSWIRE / December 30, 2020 / Mullen Technologies Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ:NETE) in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, announced today that the Company has executed a non-binding Letter of Intent with Unlimited Electrical Contractors Corp (UEC) to enter definitive agreements for the purchase of up to 10,000 MX-05 electric vehicles. UEC is a premiere electrical contractor based in Pompano Beach, Florida, specializing in commercial and residential projects in South Florida.
UEC’s mission is to be the first electrical contractor with an all-electric service fleet and intends on executing a definitive agreement with the Company for the purchase of 1,500 MX-05 electric vehicles for its Florida operations. To follow by up to an additional 8,500 by 2025 for its U.S. West Coast expansion. The initial purchase order is estimated at $75 million. The vehicles are based on a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame that comes in a single or dual electric motor configuration.
“We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business. UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use,” said David Michery, CEO and Chairman of Mullen Technologies.
“We are pleased with the newly designed Mullen MX-05 SUV and are very excited to be working with Mullen on electrifying our fleet of service vehicles,” commented Mark Petrich, CEO of Unlimited Electrical Contractors.